Meridian Wealth Management LLC Acquires 34,215 Shares of C3.ai, Inc. (NYSE:AI)

Key Points

• Meridian Wealth Management LLC increased its stake in C3.ai, Inc. by 128.9%, acquiring an additional 34,215 shares, bringing its total to 60,769 shares worth approximately $1.28 million.
• C3.ai reported quarterly revenue of $108.72 million, exceeding estimates, while earnings per share (EPS) were ($0.16), surpassing the consensus estimate by $0.04.
• Insiders sold a total of 1,685,115 shares of C3.ai stock valued at $43.7 million over the last quarter, indicating a 33.54% ownership by corporate insiders.

Meridian Wealth Management LLC boosted its holdings in C3.ai, Inc. (NYSE:AI - Free Report) by 128.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,769 shares of the company's stock after acquiring an additional 34,215 shares during the quarter. Meridian Wealth Management LLC's holdings in C3.ai were worth $1,279,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Garde Capital Inc. bought a new position in C3.ai in the 1st quarter valued at approximately $29,000. Russell Investments Group Ltd. lifted its holdings in shares of C3.ai by 100.7% during the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company's stock valued at $31,000 after buying an additional 456 shares during the period. Orion Capital Management LLC bought a new position in shares of C3.ai during the 4th quarter valued at $34,000. CX Institutional bought a new position in shares of C3.ai during the 1st quarter valued at $34,000. Finally, Raiffeisen Bank International AG bought a new position in shares of C3.ai during the 4th quarter valued at $36,000. 38.96% of the stock is owned by institutional investors.

C3.ai Trading Up 2.7%

Shares of NYSE:AI opened at $16.92 on Wednesday. C3.ai, Inc. has a 12 month low of $14.70 and a 12 month high of $45.08. The company has a 50-day moving average price of $24.92 and a 200 day moving average price of $24.55. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -7.55 and a beta of 1.98.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.04. The business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The firm's quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.11) earnings per share. As a group, equities analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. reduced their price objective on C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a research note on Thursday, May 29th. Westpark Capital upgraded C3.ai to a "strong-buy" rating and set a $40.00 price objective for the company in a research note on Wednesday, July 9th. Wall Street Zen upgraded C3.ai from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Northland Securities lowered C3.ai from an "outperform" rating to a "market perform" rating and set a $17.00 price objective for the company. in a research note on Tuesday. Finally, Piper Sandler reduced their price objective on C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, May 29th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, C3.ai has an average rating of "Hold" and a consensus target price of $27.43.

Insiders Place Their Bets

In other C3.ai news, Director Richard C. Levin sold 6,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $26.31, for a total value of $157,860.00. Following the completion of the sale, the director owned 161,664 shares of the company's stock, valued at $4,253,379.84. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Hitesh Lath sold 17,689 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $24.96, for a total transaction of $441,517.44. Following the completion of the sale, the chief financial officer directly owned 166,218 shares of the company's stock, valued at approximately $4,148,801.28. The trade was a 9.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,685,115 shares of company stock valued at $43,700,880 over the last quarter. Corporate insiders own 33.54% of the company's stock.

C3.ai Company Profile

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.

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